FSM(SZ:002818) Ge Long Hui·2025-07-25 07:08Core Viewpoint - The recent detention of the chairman of Fusenmei has led to a decline in the company's stock price, raising concerns among investors about the stability of the company's operations and management [1][6]. Company Situation - Fusenmei's chairman, Liu Bing, has been detained by the Chengdu Piadu District Supervisory Committee, which prevents him from performing his duties. The vice chairman, Liu Yunhua, is currently acting in his place [2][4]. - Liu Bing holds 43.7% of the company's shares, making him the largest shareholder, while Liu Yunhua holds 27.7% [4][5]. - Despite the chairman's detention, the company asserts that there has been no change in control, and other executives are functioning normally [4][6]. Financial Performance - Fusenmei has experienced a downward trend in performance, with 2023 revenues of 1.524 billion yuan, a 2.79% increase year-on-year, and a net profit of 806 million yuan, up 2.97% [8][9]. - In 2024, the company reported a revenue decline to 1.43 billion yuan, a decrease of 6.18%, and a net profit drop to 690 million yuan, down 14.39% [8][9]. - The company attributes the performance decline to a challenging industry environment characterized by reduced demand and increased competition [8][10]. Investment and Dividends - Fusenmei has made significant investments, including 1.756 billion yuan in the Fusenmei Home Paradise project, which has reached 100% completion but is expected to yield no returns [8][10]. - Despite the financial downturn, the company has maintained a generous dividend policy, distributing 6.80 yuan per 10 shares in 2024, totaling 509 million yuan, and an interim dividend of 4.00 yuan per 10 shares, amounting to 299 million yuan [10][11].